Charles Schwab is looking to make a statement in the exchange-traded fund space, even if its CEO Walt Bettinger wants to downplay the significance of the move.

The firm yesterday revealed in a Securities and Exchange Commission filing that it has cut the price of its ETFs, in some cases, by more than half. For example: management fees for the Schwab U.S. Dividend ETF has been reduced from 17 basis points to 7 bps, its U.S. Small-Cap ETF from 13 bps to 7 bps and its U.S. Large-Cap ETF from 8 bps to 4 bps.

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